Wealthsimple Review 2022: Questrade Vs Wealthsimple Robo Advisor

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that sets itself apart from its competitors by charging absolutely no fees. 

A leading Canadian online financial services business founded in Autumn of 2014 exclusively as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown considerably over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows investors to trade single stocks and ETFs without needing to pay any fees. The exception to this is when you’re trading stocks that are displayed in USD currency. In that case, they will charge a currency conversion fee when buying and selling. However, gone are the times of having to pay $7-12 per each trade with digital discount brokerages as was the norm only a few years ago.

Exactly How Much Money Will I Need to Have to Start on Wealthsimple Trade?

Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable min deposit amounts of $1000-5K. This makes it hard for the every day new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. One are able to select both RRSP and TFSA accounts in the setup phase. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app available to download on iOS and Google Play. The app makes the enrollment phase and also trading of stocks and ETFs super a breeze.

So Is Wealthsimple Trade Safe?

. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian in Assets Under Management . they’ve been doing business for more than 7 years and also currently employs roughly 600 folks. The main shareholder is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage to operate in Canada.

How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly simple to add funds to your new account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in just a few steps. Deposits from banks to Wealthsimple usually take only a few days. Funds can also be moved back to a chequing or savings accounts through the same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to e-transfers which allows anyone to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your tax return online free. It’s advertised as simple, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account which lets you to get 1% cashback on all your purchases, as well as get a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of different online courses on topics like saving, investments, crypto, home buying and much more. 

All of the above products, including Wealthsimple Trade may be accessed in the mobile app and on their site with a single login.

But How do I Start Using Wealthsimple Trade?

Click here to create your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you’ll receive the equivalent cash value of a share valued at $25 up to $4,500 Canadian once you add funds to your account.

But What if I Still Have Additional Questions Concerning Questrade Vs Wealthsimple Robo Advisor?

If this article didn’t answered each of your questions, and you’re searching for further specific answers about Questrade Vs Wealthsimple Robo Advisor, visit the Wealthsimple site to get answers to every one of your questions.